Question

This information relates to McCall Real Estate Agency.

Oct. 1 Stockholders invest $31,930 in exchange for common stock of the corporation.
2 Hires an administrative assistant at an annual salary of $30,600.
3 Buys office furniture for $3,850, on account.
6 Sells a house and lot for E. C. Roads; commissions due from Roads, $10,770 (not paid by Roads at this time).
10 Receives cash of $155 as commission for acting as rental agent renting an apartment.
27 Pays $690 on account for the office furniture purchased on October 3.
30 Pays the administrative assistant $2,550 in salary for October.
Journalize the transactions. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Cr amount is entered. Do not indent manually.

Answer 1

Oct. 1 Stockholders invest $31,930 in exchange for common stock of the corporation.

Dr Cash 31,930

Cr Common stock 31,930

Oct. 2 Hires an administrative assistant at an annual salary of $30,600.No journal entry

Oct. 3 Buys office furniture for $3,850, on account.

Dr Furniture 3,850

Cr Accounts payable 3,850

Oct. 6 Sells a house and lot for E. C. Roads; commissions due from Roads, $10,770 (not paid by Roads at this time).

Dr Accounts receivable 10,770

Cr Service revenue 10,770

Oct. 10 Receives cash of $155 as commission for acting as rental agent renting an apartment.

Dr Cash 155

Cr Service revenue 155

Oct. 27 Pays $690 on account for the office furniture purchased on October 3.

Dr Accounts payable 690

Cr Cash 690

Oct. 30 Pays the administrative assistant $2,550 in salary for October.

Dr Wages expense 2,550

Cr Cash 2,550